The Upober fooled us all that Bitcoin’s price was a dead cat bounce

While most of the crypto herd are cheering with joy and eyeing the sacks full of green, others are still more cautious and preparing for the worse. Undoubtedly, the market dynamics of Uptober lived up to its name and once again showed us the power of self-fulfilling prophecies.

Cryptos across the board have been steadily rising over the past two weeks, with Ether leading the rally and enjoying a nice 14% price increase, and DOGE rising more than 145% over the past seven days. On the back of this news, Bitcoin has gathered strength to reach the $21,000 support level and even try to get the sweet $23,000 spot since November was historically the best month in price performance.

However, despite growing optimism, current market conditions should not fool you. In today’s editorial, we will take a closer look at what has pushed the crypto market along with Bitcoin to lie in the green territory, where it is not meant to be. With that in mind, we’ll also consider a new kid on the crypto block, Big Eyes Coin, which has smashed its pre-sale targets across the board. Let’s dive in.

Bitcoin: Hedging Inflation Is Not a Superpower

Since Satoshi Nakamoto dropped Bitcoin’s White Paper, the world has never been the same. The first cryptocurrency ever created has paved the way for permissionless transactions between individuals without needing a third party to facilitate this process. Cryptocurrencies, like Bitcoin, are part of a blockchain with the network required to run it. A blockchain essentially represents a distributed digital ledger, which is a shared database that stores data.

Several specified encryption methods secure data in the blockchain. When a transaction occurs on the blockchain network, the information of the previous block is copied into a new block with the most recent data, fully encrypted. The transaction is then verified by validators – called miners – in the network, allowing it to work worldwide using anyone with a computer and internet connection. With that in mind, let’s take a closer look at the current market’s rally and what role external factors are playing in Bitcoin’s recent price rally.

Apparently, it is the first significant setback after a major sell-off in the traditional markets that occurred due to rising inflation and the Fed’s monetary tightening measures. The primary reason for the latest relief in the market stems from a series of dovish comments from senior Fed officials, indicating that the institution is considering stopping raising interest rates soon.

Nevertheless, the timing of this kind of news is quite suspicious and is most likely chosen because of the US midterm elections that will be held next week. After all, failing markets have always been a pain in the neck for an incumbent, and what better way to shift people’s attention than a good old market pump?

Overall, the current rally is likely to be a dead cat bounce. On a macro scale, the situation remains quite poor, with geopolitical tensions rising in Europe and East Asia, which remain a significant factor that could affect the global energy sector and the semiconductor industry. In other words, if your bags are green this month, you better take some profits before you can.

Big Eyes Coin: The King Of The Presale Game

While the market has gone through ups and downs, the Big Eyes Coin presale game remains one of the most stable projects in the crypto world. At the time of writing, it has raised over $9 million, and with several upcoming stages, the goal of reaching $15 million suddenly doesn’t sound so far off. What originally started as your go-to meme coin project grew into a “Cat Nation” community of like-minded people who believe that this cute anime-inspired Japanese cat has a future among the crypto elite.

While this project’s aesthetic sets it apart from a slew of copycat projects (pun intended) that are either dog-themed or monkey-derived, that’s not the only thing that makes it unique. Big Eyes Coin merges two of the most lucrative crypto-niches, DeFi and NFTs, under its umbrella to produce a top-level suite of services for its users.

To ensure the smooth sailing of the ‘Cat Nation’, the team behind the project introduced an NFT tax, where each subsequent sale would get 4% to the original holder, while another 5% would be distributed among the holders of the platform’s native token STOR. By doing this, the BIG token will always have the necessary liquidity to stay afloat, and JPEG enthusiasts will be incentivized to sell their precious NFTs to earn passive income. If this project appeals to you, here is a free promo code, BIG519, to get some tokens if you buy BIG. Good trade!

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